ANNUAL GENERAL MEETING 31 st July 2019 Annual General Meeting 2019 - - PowerPoint PPT Presentation

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ANNUAL GENERAL MEETING 31 st July 2019 Annual General Meeting 2019 - - PowerPoint PPT Presentation

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ANNUAL GENERAL MEETING 31 st July 2019 Annual General Meeting 2019 Disclaimer The communication may contain statements relating to future business developments, companys performance and economic performance that may constitute forward

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ANNUAL GENERAL MEETING

31st July 2019

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ANNUAL GENERAL MEETING 2019 The communication may contain statements relating to future business developments, company’s performance and economic performance that may constitute ‘forward looking statements’. While these forward looking statements represent the company’s judgments and future expectations, a number

  • f

factors could cause actual developments and results to differ materially from expectations. The company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances.

Annual General Meeting 2019

Disclaimer

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ANNUAL GENERAL MEETING 2019

ABRASIVES INDUSTRIAL CERAMICS SUPER REFRACTORIES ELECTRO MINERALS

Carborundum Universal Limited

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ANNUAL GENERAL MEETING 2019

Acquired a coated abrasives facility from Ajax Products Pvt Ltd. Bonded abrasives facility set up in Chennai India

CUMI’s Inception

Carborundum USA Universal Grinding Wheel ,UK

Incorporated as a joint venture in 1954 between Carborundum Company USA, Universal Grinding Wheel Company, UK and the Murugappa, India

Business activity - manufacture of Coated Abrasives, Bonded Abrasive, Super- Refractories, Electro-Minerals, Industrial Ceramics, and Ceramic Fibers Exports its products globally Over 20000 varieties of Products 28 manufacturing locations across India, South Africa, Russia, Australia & China All the manufacturing facilities of Carborundum Universal are ISO 9001:2000 and ISO 14001 Certified Incorporated on April 21, 1954

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ANNUAL GENERAL MEETING 2019 Abrasives Revenue : Rs 11.4 bn EBIT : Rs 1.5 bn Capital Employed : Rs 5.4 bn Ceramics Revenue : Rs 5.9 bn EBIT : Rs 1.1 bn Capital Employed : Rs 4.0 bn Electro Minerals Revenue : Rs 9.2 bn EBIT : Rs 1.2 bn Capital Employed : Rs 5.7 bn CUMI FY -19 Projected Revenue : Rs 26.5 bn EBIT : Rs 3.8 bn Capital Employed : Rs 15.1 bn Share of PBIT

Abras ives 39% Ceramics 29% Electro Minerals 32%

Share of Sales

Abrasives 43% Ceramics 22% Electr

  • Miner

als 35%

CUMI Business Portfolio – FY19

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ANNUAL GENERAL MEETING 2019

Exploit Abrasive, Wear, Heat Containment, Insulation, Corrosion Resistance, and other properties of materials. Major emerging opportunities: Aerospace – like SiC / SiC fibre Bio Materials. AI related materials Energy storage materials – Graphite, Graphene, Li Industry 4.0 – sensors, IOT

CUMI Business = Industrial Consumables + Industrial Durables + New Materials

CUMI is essentially a Material Science Company

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ANNUAL GENERAL MEETING 2019

India ~ 50% Europe (Incl. Russia) ~ 24% Americas ~ 10% Asia Pacific ~ 10% ME & Africa ~ 2% Australia ~ 4%

Where Do We Sell?

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Abrasives

Engineering Precision Surfaces

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ANNUAL GENERAL MEETING 2019

INDUSTRIES SERVED

Abrasives – Engineering Surfaces

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ANNUAL GENERAL MEETING 2019

Europe: $5.5 bn North America: $4.5 bn India: $1.5 bn Middle East: $0.3 bn APAC: $23.0 bn Rest of World: $5.0 bn

$40 Bn

CAGR – 4%-5%

Global Business – Local Nature

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ANNUAL GENERAL MEETING 2019

Automobile

Growing Investments. 9% CAGR. EV – No short term disruption

Infrastructure

Smart Cities Airports Railways & Transportation led growth

Engineering

Robust Growth led by domestic consumption & exports

Steel

NSP Led Growth 300 Mil Tonnes by 2030

Abrasives – Drivers For Growth

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ANNUAL GENERAL MEETING 2019

Mass Market Customers

  • Product Availability
  • Manual to Machine
  • Value For Money Performance
  • Complete Product Basket
  • Safety

Precision Abrasives Customers

  • Productivity & Machine OEE
  • Precise Surface Finish
  • Cost Per Component
  • Application Support
  • One Stop Tool Management Solutions

Customer Expectations

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ANNUAL GENERAL MEETING 2019

Among the top 10 Abrasives Brand in the world 20% from International Business Strong Domestic Play, Select Global Markets Leverage Channel Strength in India – Core & Adjacencies Inorganic Growth in US/Europe/China Repositioning Precision Abrasives - CUMI/Wendt Combined Offering Cost Leadership & Agile Innovation Efficient Manufacturing, Strong Distribution Strategic Sourcing, Building Partnerships Digitalization of Processes, Data Analytics Process Excellence Systems

CUMI Abrasives – Way Forward

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ANNUAL GENERAL MEETING 2019 Coated Abrasives - Growth Thru Capacity Addition & NPD Precision Abrasives - Growth Through In-House Development & Strategic Partnerships Bonded Mass Market Products - Growth Through Capacity Utilization & Strategic Sourcing Channel Expansion & Supply Chain Transformation – Building unmatched distribution in India Adjacencies – Growth Leveraging Channel Management Strengths International Business – Growth by

  • Precision Products at Select Geographies
  • Coated Jumbos for Convertors
  • Inorganic Partnerships

Project Trtiya – Coated Maker Expansion in SPR

Strategic Levers For Growth

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ANNUAL GENERAL MEETING 2019

Precision Abrasives in US, Europe & China Mass Market Products in Middle East & Russia Brand Visibility Built over 15 Years Platform set for Growth through leveraging current brand recognition and reach along with Strategic Partnerships

International Business

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Electro Mineral Division

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Engineering | Energy | Environment

CUMI – Electro Minerals Division

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ANNUAL GENERAL MEETING 2019

Europe: $5 bn

North America: $5 bn

India: $0.08 bn Russia: $1 bn China: $12 bn Rest of World: $2 bn

$25 Bn

CAGR – 4%-5%

Market Size for Fused Minerals

Global Business – Resource Dependent

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ANNUAL GENERAL MEETING 2019 Renewables driven by Solar, Electric Vehicles, Nuclear & Fossil Fuels Driven by growth in Auto, Steel & Infrastructure Electronics Black & Green Silicon Carbide & Specialty Ultra Fine Powders in Mobility & Sensor Technology Environment Protection Driven by Filters for Auto & Industrial Gas Filtration Energy Steel NSP Led Growth 300 Mil Tonnes by 2030 Abrasives

EMD – Drivers For Growth

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ANNUAL GENERAL MEETING 2019

Regular Minerals

  • Consistent Quality
  • Competitive & Predictable Price Trends
  • Range of Products

Speciality Minerals

  • Application Support
  • Stringent Pre-Qualification
  • Ability to Customize
  • Material Science Knowledge

Customer Expectations

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ANNUAL GENERAL MEETING 2019

To be a Globally Recognized Manufacturer

  • f Complete Range of Synthetic Minerals

Global Markets addressing Energy, Engineering & Environment Build Economies of Scale in commodities to achieve Cost Competitiveness Leverage low cost feedstock and technology to create value add products Identify and build growth platforms in adjacent verticals Create value cells in new lines of high growth businesses Target Inorganic Opportunities for Scale Efficient Mineral Processing & Bulk Sourcing Capabilities Contracting of capacities (regulars) & Business Development for specialities Proactive Innovation & Application skills for specialities Digitalization of Processes, Data Analytics Process Excellence Systems

CUMI Electro Minerals – Way Forward

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Innovation Value Pyramid

CUMI EMD – Strategy For Growth

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ANNUAL GENERAL MEETING 2019

  • VAW Russia – Silicon

Carbide, 80,000 tpa

  • Foskor Zirconia –

Fused Zirconia, 5000 tpa

Volzhsky Abrasive Works, Russia

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ANNUAL GENERAL MEETING 2019

Rail car fusion at VAW Fused Magnesia & Magnesia Carbon Bricks

  • pportunity

Lowest cost Silicon Carbide producer: ~ 90K tons to 100K tons NbSiC for Aluminium smelter pots.

VAW – Growth Projects

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ANNUAL GENERAL MEETING 2019

Inauguration of ‘Boehmins & Nano Materials’ Plant at CUMI SEZ, Edapally, Kerala

Venturing into Nano Materials

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ANNUAL GENERAL MEETING 2019

Capacity Expansion - Bohemin

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Graphene/Graphene Composites Carbon Nano Tubes

The new offering from CUMI…….

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ANNUAL GENERAL MEETING 2019

Same weight ! Graphite RM Graphene

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ANNUAL GENERAL MEETING 2019

  • Process Area- Out Side View

Process Area Outside View

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Application Lab

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Graphene Opportunities in E-Vehicles

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ANNUAL GENERAL MEETING 2019

Touch Screens

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Aerospace Electronics Automobile Battery Paint Wearable Rubber/tires

Automobiles Aerospace Battery Paints Conductive Inks Wear-ables Tyre

Graphene – Current and Future Applications

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ANNUAL GENERAL MEETING 2019

Graphene Based Products from CUMI

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ANNUAL GENERAL MEETING 2019

New Opportunities

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Industrial Ceramics

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ANNUAL GENERAL MEETING 2019 Wear Ceramics Technical Ceramics

Grinding Media Wear Resistant Liners Lined Equipment Engineered Ceramics Metallized Ceramics

Bulk Material Handling Ceramic Tile/Mineral Processing Coal Based Thermal Power Mining Cement Steel Fluid Handling Battery Tooling Ignition System Ballistic Protection Customized Ceramic products Industrial Ceramics Vacuum Interrupters Solid Oxide Fuel Cells Night Vision Cameras Communication Devices

Business Group SBU Product Lines Markets and Applications

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ANNUAL GENERAL MEETING 2019

Key Industries Served

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Transportation / EV

Ceramic injection molded products and metallized ceramics in Electric Vehicles and

  • thers expected to grow significantly in the

next 5 years.

Zirconia nozzles for steel

NSP Led Growth 300 Mil Tonnes by 2030 Requirement for zirconia nozzles for flow control .

Vacuum Interrupter

Growth driven by China and India. Power Generation & Transmission

SOFC

Structural & Functional Ceramics for Alternative Energy estimated to be around $300 million by 2020

Ceramic (Injection Moulding)

Growth driven by automotive, electronics, lifestyle, medical, textile & engineering.

Drivers For Growth

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ANNUAL GENERAL MEETING 2019

Technical Ceramics

  • Application Support
  • Stringent Pre-Qualification
  • Ability to Customize
  • Material Science Knowledge

Wear Ceramics

  • Consistent Quality
  • Application Engineering & Installation
  • Global Service Delivery

Customer Expecations

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ANNUAL GENERAL MEETING 2019

Top 3 Global Player in Wear Protection One-stop source for all Engineered, Customized Ceramic needs Global Markets addressing Wear, Energy & Engineering Project Management Capabilities Co-creating solutions with customers Deep Relationship with Key Accounts Digitalization of Processes, Data Analytics Process Excellence System

CUMI Industrial Ceramics – Way Foward

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ANNUAL GENERAL MEETING 2019

Class 1,00,000 Clean Room with Pilot Plant Tape Casting Facility Class 10,000 & Class 100 Clean Room with Pilot Plant PVD by Sputtering & other related Equipment Facility

Ceramic Tape Casting & PVD by Sputtering Pilot Plant

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ANNUAL GENERAL MEETING 2019

Lined Equipment (LE) Plant Metallized ceramics (Metz) Plant Wear ceramics Plant & CMP Engineered ceramics & New Metz

Fully Integrated Advanced Ceramics Manufacturing Facility

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Major supplier of Ceramic lined equipment to Coal washeries, Power stations, Gold / Platinum mines in Australia and Asia Pacific.

  • Current sales A$ 17 mil. Continues to grow at > 10%
  • Will grow both geographically and with bigger range of

composite linings.

  • Business model based on local sales, installation and

maintenance support. Manufacture in India.

CUMI Australia

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Super Refractories

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ANNUAL GENERAL MEETING 2019

High Temperature Protection under load

CUMI Refractories

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ANNUAL GENERAL MEETING 2019

Ceramic Industries

Insulators Sanitaryware & Tableware Abrasives Electro Ceramics

Cement Power Generation Chemical Process Industries

Carbon Black Fertilizer Petro-Chem. / Refinery

Glass

  • Container. Decorative

Fibre glass Non – Ferrous

Aluminum Copper Zinc

Iron & Steel Sponge Iron (DRI)

Gas-Based Coal - Based

Foundries

CUMI Refractories - Applications

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ANNUAL GENERAL MEETING 2019

Ability to manufacture complex shapes through pressing, slip casting followed by high temperature sintering, under controlled atmospheric conditions.

CUMI Refractories - Capabilities

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Carbon Black

Demand driven by Automotive Tyres – OE & Replacement

Glass

Growth in Infrastructure Smart Cities Automotive

Aluminum

Power Transmission, Packaging & Structurals

Waste Disposal

Environmental Regulations

Steel

.

NSP Led Growth 300 Mil Tonnes by 2030

Drivers For Growth

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ANNUAL GENERAL MEETING 2019

Super Refractory Products

  • Application Engineering, Design & Installation
  • Material Science Knowledge
  • Refractory Cost Per Tonne of Steel Production
  • Refractory Management Services

Customer Expectations

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ANNUAL GENERAL MEETING 2019

Achieve 10% share in the Indian/Russia n Market Specialized niches focussed on shapes and value added products & services Cost Leadership Focussed Differentiation through Technology Tie Ups Engineering & Design and Delivery of Solutions Market Development in NbSiC and Waste Incinerator Projects Strategic Partnerships & Acquisitions Project Management Capabilities Co-creating solutions with customers Deep Relationship with Key Accounts Digitalization of Processes, Data Analytics Process Excellence System

CUMI Super Refractories – Way Forward

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51

Developed Superior Oxidation Resistant NBSiC tiles as required for Waste Incineration Boiler

NBSIC Tiles for Waste Incinerator

VAW makes ~ 2500 tons of SiC / NbSiC ref. Mainly for the Aluminium industry. To double this and add the incinerator

  • project. ~ $ 7 mil a year in sales.

NBSIC Tiles for Waste Incinerator

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Finance

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ANNUAL GENERAL MEETING 2019

  • 42.42% held by the Murugappa Group, 29.34% held by FII’s, MF, PE,

Insurance Cos

  • 64 years of unbroken track record of Profit and Dividend
  • Six Bonus Issues since inception – 89% of the current Equity is by way of

capitalization of Reserves

  • Growth over the years entirely funded by Debt, Internal accruals and by

unlocking value

CUMI – Driving Profitable Growth

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ANNUAL GENERAL MEETING 2019

  • Rs. In Lakhs

2017-18 2018-19 Act Description Actuals % 155136 Sales 174997 13% 59785 Contribution 66559 11% 38.5% Contribution % 38.0% 25121 EBITDA 30108 20% 16.2% EBITDA % 17.2% 7388 Depreciation 7549 2% 2933 Non-optg Income 2319

  • 21%

147 Interest 88

  • 40%

20519 PBT 24791 21% 13.2% PBT % 14.2% 14348 PAT 16609 16% 9.2% PAT % 9.5%

F19 – CUMI Standalone

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ANNUAL GENERAL MEETING 2019

Parameter Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 R O C E % 16% 14% 12% 21% 11% 14% 16% 19% 21% 22% 18% 26% Debt Equity (times) 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt Service Coverage Ratio 20.1 17.7 20.4 31 198 123 157 143 1286 1116 845 95 PBT % to Sales 11.4% 10.9 % 10.4% 16% 8.9% 12.7%13.2%13.2%14.3%14.6%11.6%16.2% Sales/G C A (times) 2.6 2.5 2.4 2.6 2.5 2.7 2.5 2.6 3.0 2.6 2.8 2.9 Sales/A N W C (times) 3.9 3.6 3.4 3.9 3.8 4.0 4.1 4.0 4.6 4.2 4.4 3.9

Key Ratios

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ANNUAL GENERAL MEETING 2019

INR Lac

Sales PBT PAT Sales PBT PAT CUMI Stand Alone 1,75,191 24,791 16,609 1,55,138 20,519 14,348 (2,273) (2,236.66) (3,373) (3,384)

CUMI STAND ALONE 1,75,191 22,517 14,372 1,55,138 17,146 10,964

12.9% 8.2% 11.1% 7.1% CUMI - America 6,470 (242) (242) 4,814 (327) (327) Net Access 4,514 349 267 4,010 372 273 SEDCO 1,872 237 194 2,388 712 507 Sterling Abrasives 9,008 1,335 942 7,893 1,343 912 CUMI - Australia 10,600 1,659 1,164 9,032 1,524 1,067 CUMI- Middle East 1,163 1 1 2,041 80 80 CUMI - International

  • 3,133

3,133

  • 2,838

2,838 VAW 62,988 11,526 8,913 56,567 11,867 9,038 FZL 10,904 (2,124) (2,470) 7,634 (1,623) (1,623) CUMI - China 2,137 (173) (173) 2,104 (89) (89) CUMI Europe

  • (5)

(5)

  • (76)

(76) TRIL

  • (1)

(1) Sub Total 1,09,657 15,697 11,725 96,483 16,619 12,599 Less: Inter Company Adjustments (19,287) (3,330) (3,330) (18,575) (3,070) (3,070) Less: Minority Interest 8 (399)

CUMI SUBSIDIARIES TOTAL 90,370 12,367 8,403 77,908 13,549 9,130

13.7% 9.3% 17.4% 11.7% Joint Venture (Proportionate Share) Murugappa Morgan Thermal Ceramic

  • 1,050
  • 715

Ciria India Ltd

  • 328
  • 228

Wendt India Ltd

  • 615
  • 523

CUMI's JVs

  • 1,993
  • 1,466

CUMI Consolidated 2,65,561 34,885 24,768 2,33,045 30,696 21,560

13.1% 9.3% 13.2% 9.3% YTD Mar 2019 Less : Dividends received from Sub & JV & URP on Inventory YTD March 18

CUMI – Consolidated F19

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ENABLERS Technology. Innovation. Industry 4.0. Service. People / Partners  Brand.

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ANNUAL GENERAL MEETING 2019

  • Technology
  • Design
  • Solutions
  • Processes
  • Services

CUMI – Making Technology Matter

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ANNUAL GENERAL MEETING 2019

  • Graphic Content
  • IP filed for Cumind Logo and

Dot Structure

  • Launch Of CUMIND Hub in

selected locations.

CUMIND 2018

Making Innovations Matter - CUMIND

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ANNUAL GENERAL MEETING 2019

DSIR approved R&D Facility in IC Hosur

R&D Surface Technology Center – Abrasives

The Company along with its subsidiaries/ JV/ associates - has set up 7 state of the art DSIR (Department of Science and Industrial Research) approved R&D centres at all its divisions.

Making Technology Matter – DSIR Labs

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ANNUAL GENERAL MEETING 2019

Across all business units of CUMI, there has been continuous focus of technology innovations leading to achieving a total of 247 IPs in form of Patents, Design Registrations and Trademark Registrations. “Systems Thinking” Approach to Design

IP filings as of Jan 2019

247

Making Design Matter – Research & Development

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ANNUAL GENERAL MEETING 2019 Remote Monitoring & Diagnostics For Coolants Intelligent Grinding Wheel CUMIAWARE – Wear Monitoring System

Making Solutions Matter – IOT Elements in Products

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ANNUAL GENERAL MEETING 2019 TPM Philosophy – Manufacturing Excellence

Productivity Improvement

Making Processes Matter – TPM & IOT in Manufacturing

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Making Services Matter – Installation & Support

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Abrasives – Ratna Dealers Meet

Making Partners Matter

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CUMI - Making Engagements Matter

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CUMI’s overall engagement score is now 68%, up 59% in 2014

CUMI – Engagement Score - 2018

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ANNUAL GENERAL MEETING 2019

W A Y Y F O R W A R D D

  • ABR & SR – 1st Aug 2018
  • Wendt & IC – 8th Aug 2018
  • EMD – 10th Aug 2018

Survey Result presentation by Aon

  • Communicated to MS/MMS through mail
  • To be communicated to NMS through

posters

Communication of Results to employees

  • No.1 with MS/MMS/NMS at different job

level and age group

  • No.2 with Leadership team /HOD in

respective Units

Focus Group Discussion

  • Collate the Improvement/suggestion

points from the FGD’s and derive Action/Plan for each unit

Action/Plan

  • Based on the proposed plan and action

Unit wise Engagement Calendar will be to be designed and rolled out

Engagement Calendar

  • Review to be conducted by the

Corporate team to track the adherence

  • f Plan/ Action as per the Engagement

Calendar

Review Mechanism

Once in a month

Before 4th week of Aug 2018 Before 3rd week of Aug 2018 Before 2nd week of Aug 2018 Before 10th

  • f Aug 2018

Before 1st week of Aug 2018

Employee Engagement

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ANNUAL GENERAL MEETING 2019

Presentation by Candidate is introduced in the Campus hiring process to assess the presentation skill, talent, creativity of the students

Process Improvement for GETs Retention:

  • Briefing the job role prior to hiring
  • Structured induction program and handholding of GETs during their

training period

  • Assigning mentor and buddy for each GET
  • Training interventions like YOLO
  • Moved to project based training (GETs take up specific projects

during their training period and work on it)

80 Reviews as on date

Dialogue in the Dark CUMI’s Glassdoor Reviews

Making People Matter –New Recruits

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ANNUAL GENERAL MEETING 2019 Catalyst- CUMI’s unique program on Mentoring, was launched in December. It’s a flexible and self-initiated program where any employee can reach out to a Mentor from a pool of Mentors. For preliminary mentor interaction, two hour Mentor Marathon was initiated. More such mentoring chats planned for 2019-20 so employees are able to leverage this program for their guidance and growth.

Making People Matter - Mentorship

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ANNUAL GENERAL MEETING 2019 CUMI IC has been awarded the Gold Certification in Manufacturing Excellence Award by Frost & Sullivan

Awards & Recognition

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ICAI Excellence Award in Financial Reporting for FY 2018

Awards & Recognition

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ANNUAL GENERAL MEETING 2019

Quarter 1 Performance

  • Rs. in lakhs

2018-19 Q1 - Act 2018-19 Q4 - Act

Description

Q1 - F20 Actuals

Q on Q % 41003 44567 SALES 42371 3% 6936 8410 EBITDA 6204

  • 11%

16.9% 18.9% EBITDA % 14.6% 5863 7234 PBT 6181 5% 14.3% 16.2% PBT% 14.6% 3920 4923 PAT 4507 15% 9.6% 11.0% PAT% 10.6%

F20 – Q1 Results – Standalone CUMI

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ANNUAL GENERAL MEETING 2019

  • Rs. in lakhs

Sales PBT PAT Sales PBT PAT CUMI Stand Alone 42,430 6,181 4,507 41,003 5,863 3,920

  • (1,602)

(1,728)

  • (947)

(910)

CUMI STAND ALONE 42,430 4,579 2,779 41,003 4,916 3,010

10.8% 6.5% 12.0% 7.3% CUMI - America 1,713 12 12 1,613 (7) (7) Net Access 1,076 40 30 1,054 89 64 SEDCO 636 167 123 611 171 126 Sterling Abrasiv es 1,905 175 121 1,964 351 255 CUMI - Australia 2,505 421 289 2,430 481 338 CUMI- Middle East 430 (12) (12) 228 (26) (26) CUMI - International

  • 3,378

3,378

  • 3,153

3,153 VAW 16,453 2,874 2,245 15,216 3,263 2,549 FZL 2,660 (820) (820) 2,627 (221) (221) CUMI - China 553 10 10 500 (33) (33) CUMI Europe

  • (3)

(3)

  • (0)

(0) TRI

  • Sub Total

27,933 6,241 5,372 26,244 7,220 6,197 Less: Inter Company Adj (4,006) (3,599) (3,599) (4,668) (3,329) (3,329) Less: Minority Interest

  • 136
  • (243)

CUMI SUBSIDIA RIES T 23,927 2,642 1,910 21,576 3,890 2,625

11.0% 8.0% 18.0% 12.2% Joint Venture MMTCL

  • 261
  • 309

Ciria India Ltd

  • 169
  • 128

Wendt India Ltd

  • 143
  • 214

CUMI's JVs

  • 573
  • 652

CUMI Consolidated 66,357 7,221 5,262 62,579 8,806 6,286

10.9% 7.9% 14.1% 10.0% Less : Div idends receiv ed from Sub & JV / Inv entory Quarter ended June 19 Quarter ended June '18

F20 – Q1 CUMI Consolidated

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ANNUAL GENERAL MEETING 2019

Creating Value

is our driving force

65

years

  • f Existence

Performance is

  • ur passion

/ CUMI

www.cumi-murugappa.com | www.cumiabrasives.com